The International Finance Corporation (IFC) has committed to make an equity investment of R150 million ($10 million) in the South African Student Accommodation Impact Investments Proprietary Limited platform.
The IFC is supporting the development and operation of at least 15,000 student accommodation units over the next five years. The project is led by Eris Property Group, a real estate developer and fund manager.
The institution plans to leverage additional resources from partner agencies to strengthen the fund manager's work in the housing sector in South Africa. "The IFC's support has advanced our aspirations to fully meet our fundraising target of R2 billion," said Vuyani Bekwa, executive director of fund management at Eris.
In November 2020, following a R500 million capital raise, Eris Property Group said it would seek additional capital over the next 12 months to "pursue a number of attractive opportunities for the company" in the real estate sector.
While student enrollment in higher education in South Africa has doubled since 1994, the IFC notes that housing supply has not kept pace. According to estimates, there is a shortage of about 500,000 beds for university and vocational school students.
Chamberline Moko
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
West African Development Bank allocates $131.8 million to support cotton sectors in Burkina F...
New Johannesburg center aims to train partners and expand AI capabilities Focus on moving local firms from resellers to solution developers Initiative...
AfDB launches initiative to redesign how Africa mobilizes and deploys capital Financing gap exceeds $400 billion despite large domestic...
Ethiopian Airlines and Asky plan a regional aircraft maintenance hub West Africa faces a shortage of MRO infrastructure Project enters a growing but...
South Africa, Nigeria, and Kenya rank as Africa’s most competitive outsourcing hubs Seven African countries place in the global top 25, matching Asia’s...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...